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Gold/Mining/Energy : Valu-Net Corp (VNE on ASE - was Faymar)

VNE 36.95

0.0%

Apr 1 5:00 PM EST

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To: David in Ontario who wrote (738)	2/18/1999 11:03:00 AM
From: Ian@SI	Read Replies (2) of 974

To all, The onslaught begins. Now what could a company without sufficient revenue to cover its debts do? Answer A: Go out, work hard and earn some money. Answer B: Issue a slew of press releases. ;-) What does any legitimate company do, that I've seen, when faced with negative posts on SI or any other chat area? Simple, it ignores them and carries on with business. The only examples I've seen of companies that attack the source of negative posts have ended up declaring bankruptcy shortly thereafter. How many shares does VNE have? Well with last November's PP, it's close to 25M. If the current PP closes, we'll be at 31M+. Should the warrants get exercised, then we're talking almost 40M shares. What does VNE do? From its press releases, it seems to provide a website development service - a similar service as that provided by literally thousands of other companies and consultants. From VNE's proxy, its total staff was 12 including temp staff that it had under contract. A powerhouse in eCommerce??? Not very likely. How much revenue should it have to justify its current market cap. At a PSR of 1, that should be in the order of $25M - $40M. Even if we were to be especially generous and award VNE a PSR of 5, that calls for about $5M - $8M of revenue. Hmmmm. 12 contract employees generating somewhere between $5M and $40M of revenue. I guess they're not going to get time off at Christmas. ;-) Enough for now. I will violate my own one-a-day rule and post the Globe story. Ian.

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